It is still not clear what direction the talks in the US debt ceiling is going to take but a good compromise and a promising agreement to this will see some major volatility come Tuesday August 2nd. However, we saw a lot of swiss buying and it may be as anticipation to the US talks. Gold also saw new record highs at1632.40 as the Eur/Usd pair saw some pull back from 1.4229 to the 1.4400.
This coming week has some important fundamental news which we should be aware of. It is my opinion that we should not take too many short term trades especially against the trend.Stay on the long term as we wait to see a shift in risk appetite trends.
This week i will be watching the AUD/USD with the inside pin bar bearish fakey to see if it will actually pen off for a bullish reversal from the 1.0971 hoping for new high should the debt talks fail to yield any substantial results.
Slightly bullish at the moment. Positive news from China has helped in the morning run up with the PMI reading higher than expected which signals that the Chinese economy is still growing.
ReplyDeleteGBPCAD just testing broken Resistance on the 4-hr & 8-hr time-frames, good looking bullish Pin Bars on new Support, i do entries on retracements so lets wait and see .. closely monitoring the GBPAUD for the Daily close .. looks like we might see good GBP Strength this week ..
ReplyDeleteLooking at above post, the GBP did rally on all fronts and even on the safe haven currency CHF, hope you all made very good pips .. all my 3 trades GBPAUD, GBPCAD & GBPUSD made me good returns in 3 days .. cheers all .. now which pair can we milk next .. this is the beauty of the market, if you have patience and understand PRICE ACTION & WHERE THE PRICE ACTION occurs .. you good to go ..
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